Local bounds:
The returned rectangle is in local coordinates, which means that it ignores the transformations (translation, rotation, scale, ...) that are applied to the entity. In other words, this function returns the bounds of the entity in the entity's coordinate system.
Global bounds:
The returned rectangle is in global coordinates, which means that it takes in account the transformations (translation, rotation, scale, ...) that are applied to the entity. In other words, this function returns the bounds of the sprite in the global 2D world's coordinate system.
Źródło: Dokumentacja